Costamare Inc. (NYSE:CMRE) Sees Significant Growth in Short Interest

Costamare Inc. (NYSE:CMRE) was the target of a significant increase in short interest during the month of September. As of September 15th, there was short interest totalling 2,620,000 shares, an increase of 5.2% from the August 31st total of 2,490,000 shares. Currently, 6.1% of the shares of the company are sold short. Based on an average daily trading volume, of 520,700 shares, the short-interest ratio is currently 5.0 days.

Costamare Trading Down 1.9 %

NYSE:CMRE traded down $0.30 during trading hours on Tuesday, hitting $15.42. The company had a trading volume of 344,147 shares, compared to its average volume of 519,108. Costamare has a 1 year low of $8.54 and a 1 year high of $17.58. The company has a current ratio of 1.61, a quick ratio of 1.54 and a debt-to-equity ratio of 0.77. The company has a 50-day moving average of $14.08 and a 200 day moving average of $13.89. The company has a market cap of $1.81 billion, a P/E ratio of 5.98 and a beta of 1.37.

Costamare (NYSE:CMRE) last announced its quarterly earnings results on Wednesday, July 31st. The shipping company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.72 by $0.05. Costamare had a return on equity of 13.63% and a net margin of 19.63%. The business had revenue of $515.42 million for the quarter, compared to analyst estimates of $380.41 million. Sell-side analysts expect that Costamare will post 3.05 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. StockNews.com raised Costamare from a “hold” rating to a “buy” rating in a research report on Friday, August 23rd. Jefferies Financial Group lifted their price objective on shares of Costamare from $12.00 to $13.00 and gave the company a “hold” rating in a research note on Wednesday, July 31st. Finally, Stifel Nicolaus raised their target price on shares of Costamare from $12.00 to $14.00 and gave the stock a “hold” rating in a report on Wednesday, July 24th.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Parallel Advisors LLC lifted its position in shares of Costamare by 197.8% during the 4th quarter. Parallel Advisors LLC now owns 4,059 shares of the shipping company’s stock valued at $42,000 after acquiring an additional 2,696 shares during the period. Quarry LP grew its holdings in Costamare by 48.5% in the fourth quarter. Quarry LP now owns 4,216 shares of the shipping company’s stock valued at $44,000 after purchasing an additional 1,376 shares during the last quarter. CWM LLC increased its position in shares of Costamare by 53.6% in the second quarter. CWM LLC now owns 4,302 shares of the shipping company’s stock valued at $71,000 after buying an additional 1,502 shares in the last quarter. Redwood Wealth Management Group LLC acquired a new position in shares of Costamare during the 2nd quarter worth $80,000. Finally, Sanctuary Advisors LLC acquired a new stake in Costamare in the 2nd quarter valued at about $185,000. Hedge funds and other institutional investors own 58.08% of the company’s stock.

About Costamare